TAX RELIEF OF RS.17,500: UNION BUDGET 2024.

New Delhi-In a bid to provide surplus at the hands of the middle class, Finance Minister Niramala Sitharaman announced an increase in the standard deduction to Rs 75,000 from Rs 50,000 and also tweaked the tax slabs under the simplified New Tax Regime (NTR) marginally. This can lead to increase in consumption pattern of salaried class and will eventually lead to growth of the country.Salaried person opting for new new tax regime with effect from this financial year 2024-2025 (or assessment year 2025-26) will be allowed to claim a standard deduction of ₹75,000 against ₹50,000 allowed until this year. This will help the salaried class lower their tax burden.Consider a person with an annual salary of ₹20 lakh. His taxable salary with the enhanced standard deduction will be ₹19.25 lakh against ₹19.50 lakh with a standard deduction of ₹50,000. Following the tweak in the tax slabs and increased standard deduction under the new tax regime, his tax liability will reduce from ₹2,85,000 to ₹2,67,500, resulting in a saving of ₹17,500 that the finance minister mentioned in her speech.

CA Manish Kumar Sinha,Qualified chartered accountants and having practise since 2006 in Delhi NCR with name of MAP and Co. I have Expertized in Audit, Business Growth, Startup consultancy and Tax consultancy (Income Tax and GST matter), represent assessee before assessing officer/appeal of Income tax and GST for various notice issued to tax payer.
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I am associate with various training platform where I provide educational lecture related to Business Startup, Statuary compliances, Tax, Finance and Succession Planning. The seminar helps Finance and non-finance persons who wants to upgrade their knowledge to apply into Business, Startup, Tax, Finance and Success Planning.